On paper, Autodesk Inc. is a bit of a mess. It’s been losing money for almost three years, and its book value—what’s left if you sell off the assets and repay debt—is negative. Yet over the past year, the stock has gained 23 percent, almost double the S&P 500.

With its sky-high valuation, the software maker would appear to be a poster child for froth amid a nine-year bull run. But to some, it should be seen in a very different light—as a company whose fundamentals are made to look a lot worse than they are by old, and increasingly useless, accounting rules.

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